NJ Contractor Pleads Guilty To Procurement Fraud

Law360, New York (April 18, 2011, 5:10 PM EDT) -- New Jersey-based defense contractor Staff Gasket Manufacturing Corp. and its president pled guilty Monday to procurement fraud for outsourcing part of their manufacturing to China.

SGM pled guilty in New Jersey federal court to one count of wire fraud and a violation of the Arms Export Control Act in connection with a scheme to make more money through a U.S. Department of Defense contract by illegally sourcing parts from cheap overseas suppliers.

Company president Eric Helf, 38, pled guilty to one count of conspiracy to commit...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.